In 2024, Bitcoin mining faced record difficulty and rising production costs. BitFuFu, a leading cloud mining company, released details of the industry's current state and its achievements in the latest quarterly report.
Current Bitcoin Mining Conditions
Bitcoin mining reached record levels of hashrate and difficulty. After the 2024 halving, miners spend more than double to produce one BTC, with a breakeven price of $59,452. However, with electricity costs at $0.04 per kW/h, BitFuFu continues to offer competitive conditions for rented power.
Development of BitFuFu Cloud Mining
BitFuFu is one of the fastest-growing services offering cloud mining. In Q3 2024, the company achieved a hashrate of 26.2 EH/s and continues to expand its client base despite a 40% production decline in BTC. In October, the company acquired a 51.25% stake in Ethiopia with 80MW power capacity.
Financial Results and Prospects of BitFuFu
Despite decreased BTC production, BitFuFu increased revenue, reaching $90.3M in Q3 2024. The company also raised its reserves to $147.2M. These positive results are tied to increased demand for cloud mining and securing new clients.
BitFuFu's report highlights the current challenges and opportunities in the Bitcoin mining market. Despite high costs and difficulty, the industry continues to evolve, providing new opportunities through innovations and strategic investments.
